It was just 2 weeks ago that FinnishNews reported on the huge problem faced by small and large companies and us, the customers, when digital payment networks fail. You cannot access your money or make payments.
This is currently happening as this article goes to press in Europe to both Visa and Mastercards.
There has been no press release explaining why this is happening which according to the journalist Paul Lewis (Financial Times 1.6.2018):
“When such problems occur, they seem to take the regulators by surprise. There should be more resilience in the systems that more and more of us rely on.”
His statement is a correct and to the point – how can we place so much confidence on networks that are so vulnerable?
We are relying too much on IT systems that appear to have the following weaknesses:
- The software is poorly written and has weak points that are exploited by criminals and hackers. This is then a problem caused by poor management of the American companies that own and control both companies.
- The hackers are always on the lookout for software bugs and will introduce malware just for kicks.
- Criminals hack into these money systems to steal from banks and their clients.
Because the last 2 points may be caused by trouble-makers in Russia, N.Korea and China according to US sources, we must hope that Mr. T can have a chat with them when he meets them all on June 6th in Singapore.